MSG Knickerbockers (NYSE:MSGK) Upgraded at Wolfe Research

Wolfe Research upgraded shares of MSG Knickerbockers (NYSE:MSGK) from a peer perform rating to an outperform rating in a research note published on Wednesday, MarketBeat reports.

Other equities research analysts also recently issued research reports about the stock. Weiss Ratings assumed coverage on shares of MSG Knickerbockers in a research report on Wednesday, October 28th. They set a “hold (c)” rating for the company. Guggenheim reduced their target price on shares of MSG Knickerbockers from $584.00 to $445.00 and set a “buy” rating for the company in a report on Wednesday, October 28th. Finally, Zacks Research lowered shares of MSG Knickerbockers from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 27th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, MSG Knickerbockers has a consensus rating of “Hold” and a consensus target price of $445.00.

MSG Knickerbockers Stock Performance

NYSE:MSGK opened at $310.21 on Wednesday. MSG Knickerbockers has a 52 week low of $210.90 and a 52 week high of $438.93. The company has a market cap of $7.47 billion, a price-to-earnings ratio of 1,034.06 and a beta of 0.63.

MSG Knickerbockers (NYSE:MSGK) last posted its quarterly earnings results on Friday, November 6th. The company reported ($1.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.18) by ($0.11). The company had revenue of $45.49 million during the quarter, compared to analyst estimates of $39.78 million. MSG Knickerbockers had a net margin of 0.67% and a negative return on equity of 3.47%. MSG Knickerbockers’s quarterly revenue was up 15.2% on a year-over-year basis. On average, research analysts forecast that MSG Knickerbockers will post -1.13 earnings per share for the current fiscal year.

Key Stories Impacting MSG Knickerbockers

Here are the key news stories impacting MSG Knickerbockers this week:

• Positive Sentiment: Revenue was $45.5 million, above FactSet’s $39.3 million estimate, and increased 15.2% year over year. The company also reported a narrower operating loss. Revenue estimate report
• Positive Sentiment: Wolfe Research raised its rating on MSGK to Outperform, a potentially supportive analyst signal. Wolfe Research rating report
• Neutral Sentiment: The quarter ended September 30, and its consolidated results include the Rangers business; MSGK completed the Rangers spin-off on October 26. This makes the reported quarter less directly comparable with future results. Company earnings release
• Negative Sentiment: MSGK reported a loss of $1.29 per share, missing the $1.18 loss analysts expected. The loss was also wider than the $0.37 per-share loss a year earlier, which could outweigh the revenue beat for investors. Zacks earnings report

About MSG Knickerbockers

MSG Knickerbockers, Inc is the corporate entity associated with the New York Knicks, the National Basketball Association (NBA) franchise based at Madison Square Garden in New York City. The organization’s primary activities include operating and managing the professional basketball team, organizing games and related events, and developing commercial opportunities connected with the Knicks brand.

The Knicks generate business through ticket sales, premium seating, sponsorships, media and broadcasting arrangements, merchandising, licensing, and other fan-focused products and services.